摘要
科创板拟上市公司需要接受上海证券交易所以审核问询为手段的非行政处罚性监管,因此以2019年7月22日至2020年12月31日上市的215家科创板公司为研究对象,以其在新股发行上市过程中收到的上交所第一封审核问询函为研究样本,利用LDA主题分析工具对审核问询函的文本主题特征进行分析,实证研究了审核问询函主题特征与关键事项信息披露水平提升幅度之间的关系。研究表明:新股发行上市过程中与关键事项相关的审核问询越强,拟上市公司招股说明书注册稿相对于申报稿的关键事项信息披露水平提升越高,且审核问询对公司治理较差的公司的关键事项信息披露水平的提升作用更强。
Companies that are to be listed on the Sci-tech Innovation Board have to accept non-administrative punishment supervision of Shanghai Stock Exchange by means of review and inquiries.Therefore,this paper takes 215 Sci-tech Innovation Board companies listed from July 22,2019 to December 31,2020 as the research objects and takes the first review and inquiry letter from Shanghai Stock Exchange that they received during the IPO process as research samples to analyze the characteristics of the subject matters of the review and inquire letters by employing the LDA subject analysis tool.It also empirically studies the relationship between the subject characteristics of the review and inquire letters and the improvement of the level of information disclosure on key items.The findings show that the stronger the review and inquiry related to key issues in the process of IPO issuance and listing,the higher the level of information disclosure of key matters in the registration draft of the prospectus of the proposed listed company compared to the declaration draft,and the stronger the improvement of information disclosure level by the review and inquiry on the companies with poorer corporate governance.
作者
蒋尧明
张雷云
JIANG Yao-ming;ZHANG Lei-yun(Jiangxi University of Finance and Economics,Nanchang 330013;Jiangxi Science and Technology Normal University,Nanchang 330038,China)
出处
《当代财经》
CSSCI
北大核心
2021年第9期126-136,共11页
Contemporary Finance and Economics
基金
江西省高校人文社会科学研究项目“证交所问询函监管、科创板关键事项信息披露与IPO定价”(JJ20103)
国家自然科学基金项目“会计师事务所合伙人与非合伙人签字注册会计师民事责任的配置及其对执业质量的影响研究”(71962011)
江西省社会科学规划项目“会计师事务所合伙人民事责任对审计质量的作用及其路径研究--基于威慑效应视角”(19YJ16)
关键词
科创板注册制
审核问询主题
关键事项信息
公司治理
sci-tech innovation board registration system
subjects of the review and inquiry
information of key items
corporate governance